The rationale for this book is best characterized by a recent publication of the New IEEE-USA National Energy Policy Recommendation [1] stressing that the electric power system is an integral tool for the remaking of America. The clean and efficient production, transmission and use of electricity can play a key role in addressing the challenges of economic revitalization, climate change and “national security problem” of our addiction to foreign oil. Both established and new technologies must be applied at unprecedented scale and on an accelerated schedule.